It is hoped the promoters and F1 bosses can share and discuss ideas with regarding improving the grand prix weekend product as a whole.

Is is believed this is the first conference of its kind that involves all the promoters meeting with F1 chiefs in a formal setting.

The conference comes after informal meetings between F1 chiefs and the majority of the promoters at the Spanish and Abu Dhabi Grands Prix last year.

"I think it's great they are doing putting us all in the same room and discussing our ideas and their ideas together," Azerbaijan Grand Prix promoter Arif Rahimov told Motorsport.com.

"It will work really well, especially if they keep doing it, perhaps meeting on a bi-annual basis. It can everyone informed about their plans and we can give them feedback on what we think. It's a great idea."

The conference comes a day before the next meeting of Strategy Group, where members are expected to discuss a host of items including the 2021 engine regulations.